In its IPO filing, Snap, the creators of Snapchat, defined itself as a "camera company" and after the release of its Spectacles, the company is now reportedly taking aim at drones.
According to The New York Times, the firm created a drone that lets its app users take pictures and video from above.
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Insiders at the company told the news outlet the project was being worked on but its details remained confidential and a spokesperson for the company declined to comment. It is unclear whether a drone would ever be sold commercially by the company or would remain an internal project.
If a drone was released by Snap, it wouldn't be the American company's first move into hardware. In September 2016, Snap launched its Spectacles. The oversized sunglasses, which cost $129.99 (£100) when they went on sale in the US, contain a camera and button that is able to capture video and pictures.
By pressing a button on the top left-hand corner the recording mode would automatically grab 10 seconds of video and a second press could extend this to 30 seconds. The glasses come in three colours and initially, as part of Snap's promotion could be purchased through vending machines dubbed Snapbots.
The footage recorded by the Snap Spectacles could then be uploaded to the Snapchat app. Presumably, if a drone was ever sold it would have the same capabilities.
The reports about Snap creating a drone come hours before it has its public flotation on the stock market. The Initial Public Offering (IPO) will be priced after the US stock market closes on March 1 and will see the company, which has yet to make a profit, be valued in the region of $20-25 billion (£16-20bn). Overall, the company hopes to raise around $3bn (£2.43bn) from the flotation of 200 million shares.
The shares are set to be sold in three different brackets and, according to Reuters, will be in the bracket of $14-$16 each.
When Snap revealed its IPO in February it gave a first real look at the company's finances. In 2016 the firm reported a net loss of $515 million (£411m) and a loss of $373m (£297m) in 2015. However, its advertising revenues grew almost 600 per cent in 2016, to $404m ($322m) from $58.7m (£46m) the year before.
This article was originally published by WIRED UK
